The company reported 94% year on year (y-o-y) growth in net profit at Rs 246 crore in Q3CY187against Rs 127 crore in a year ago quarter. Net revenue grew by 33% at Rs 3,038 crore on y-o-y basis.
Adjusted EBITDA ( before interest, taxes, depreciation and amortization) margins improved to 22.1% in Q3CY17 from 19.8% in Q3CY16 and 17.2% in Q2CY17.
Rain Industries' expansion projects completed over the course of last two years, and improved capacity utilisations are contributing to revenue and EBITDA growth.
Industry fundamentals enabling improved realisations and higher volumes in carbon products, while functional integration across all the three geographies has improved efficiencies and enabled cost reductions, it added.
Rain Industries is engaged in carbon products, chemicals and cement business.
At 09:56 AM; the stock was trading 7% higher at Rs 364 on the BSE , as compared to 0.43% rise in the S&P BSE Sensex . A combined 5.47 million shares changed hands on the counter on the NSE and BSE so far. In past one month, the stock zoomed 94% against 5% rise in the benchmark index.
Source : Business standard
So thats why it corrected.
330 is good level to hold. I feel it will not correct now . however 330 is major support as of now. Follow me on twitter for more update on it
However Motilal brokerage house gave target of 492. ( I dont know if they are God or Liar)
Technicals very bullish buying range 366-355 ( it may come or not, I dont know but Charts tell range of 370 may come. If you are investor you can buy , if you are trader with short term outlook, wait for correction.
Well- within 3 days of this reply it has touched 400..!